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China will continue regulating steel production in 2024. The National Development and Reform Commission (NDRC) announced this, although it did not provide details on the duration or extent of the limits.
According to the NDRC's statement, the National Bureau of Statistics, the Ministries of Industry and Information Technology, Ecology and Environmental Protection, Emergency Management, and the regulator will collaborate with pertinent stakeholders to oversee production this year. The departments will gather equipment data from steel manufacturers across the nation and endeavour to advance the growth of the steel sector with an emphasis on energy conservation and carbon reduction.
In 2021 and 2022, Beijing ordered the steel sector not to increase production to limit carbon emissions in one of the most polluting industries. This resulted in a 3% y/y drop in production in 2021 and a 2.1% YoY drop in 2022, contributing to a decline in iron ore imports.
Although the Chinese authorities have not made any public statement on the maximum level of steel production in 2023, last year’s production volumes remained unchanged compared to the previous year, amounting to 1.02 billion tonnes.
Earlier, 15 major producers of long products in China called on the authorities to limit their respective products' output amid falling steel prices. Prices for long products have fallen sharply amid continued weakness in China’s real estate and infrastructure sectors, which has led to losses and reduced margins for local producers of the relevant products.
The China Iron and Steel Association (CISA) called on steel mills to reduce production intensity to meet customer needs and balance supply and demand. The steelmakers were asked to consider steel sales and business performance.
Also Read : China to cut steel consumption again in 2024 China’s Iron Ore Output Falls 12.6% – Indian Miners Eye Export Gains
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